WBTC stands for Wrapped Bitcoin. It is a tokenized representation of Bitcoin on other blockchains, most commonly Ethereum, that adheres to ERC-20 standards. WBTC allows Bitcoin holders to utilize their assets within decentralized finance (DeFi) applications on different networks while maintaining a 1:1 peg to the underlying Bitcoin.
Context
In crypto news, WBTC is often mentioned in discussions about Bitcoin’s integration into the broader DeFi ecosystem. Developments concerning its issuance, redemption, and the platforms that support its use are key points of interest. Analysts monitor WBTC’s market capitalization and its utilization in various DeFi protocols as an indicator of Bitcoin’s expanding utility and its role in cross-chain financial activities.
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